Financial Well-Being

Courtesy my long career of over three decades as head of a financial products distribution Company, I interacted with tens of thousands of clients from all walks of life, professionals, retired, highly paid executives, Company owners, inheritors, young recently married couples, single parents and the list is endless.

- Anil Chopra

Being a keen student of human psychology, I would always observe reactions to our discussions on various financial matters and draw useful insights on relationship of ‘Money’ & ‘well-being’.

I would define “financial wellbeing” as a mental state of acceptance that a person’s or family’s life style has been continuously improving year after year and thanks to astute planning and execution one is confident of not only maintaining but enhancing the current life style in years/ decades to come.

In my long career, the worst fear in the minds of clients which I have come across is to “run out of money” in near or distant future or not having enough money needed for a medical emergency or for meeting basic necessities of life like funding of college expenses or a comfortable retirement etc. Thus, confidence of having enough and adequate money as and when required fills a person’s heart with abundance of joy and dispels all worries or money related stress out of window. This realization of financial freedom and feeling of financial security leads to secretion of positive hormones in a person’s body paving way for better physical, mental and emotional health.

As per research done by Nancy Molitor, PHD, Assistant Professor of Psychiatry and Behavioural Sciences at Northwestern University, Illinois ‘financial well being enables people to better enjoy life in general. When people are in that state, they are more able to live in the moment and enjoy the little everyday pleasures of life: seeing your kids do well and be happy, having friendships, good relationships, being able to go out, travel, whatever”.